When our client invited me to value her house in Burrow Road, East Dulwich, there were a few properties already on the market and some had remained unsold for several months.
All of them were in far swankier and in better condition and mostly had been completely upgraded in just about every way.
My clients house was exactly how it was sold to her in the 90’s, complete with quaint and dated kitchen and 80’s style bathroom!
It’s quite clear that I have a bit of a ‘bugbear’ with agents over-valuing properties. Too many agencies work to a principle of ‘get it listed, get it reduced and get it sold’. Which means those clients could have, and should have sold their properties for higher amounts.
Those houses around the estate that had been on the market for two months or more had clearly been priced too high initially and were now ‘old listings’, and would be getting much less attention.
I already explained the Which? report findings that properties that take longer to sell, sell for on average £20,000 less than properties that are priced correctly.
The goal ought to ALWAYS be: Get it listed at a price that generates lots of interest, book an open day or two of viewings, attract several offers from desperate buyers, and push of them for their very best offer. This GUARANTEES the best possible result.
Testing the market at an ambitious price DOES NOT work. Pricing unattractively DOES NOT work. Reducing your price may find a buyer, but it’ll take much longer and you’ll be compelled to accept the one low(ish) offer you’ll eventually attract.
Agents know only too well that properties that have been listed for a few months, won’t sell easily and won’t attract good results, yet they continue to tell sellers to list for inflated prices. It makes no sense at all to me, unless the agent gave a high valuation as part of their strategy to charm the seller into listing with them.
Get it listed, get it reduced and get it sold is in the agents best interest and is the worst possible advice!
Our Burrow Road Listing
Based on the other properties that were unsold at the time, and priced at £600,000 and £625,000, I valued my clients house which needed a full and extensive refurbishment at £535,000 to £545,000.
My client was in her 80’s and struggled to get around. She had her heart set on a retirement apartment with warden assistance.
Due to her not having any family here in the UK, I agreed to take her to visit the potential retirement properties myself, and she fell in love with a McCarthy & Stone flat in Chislehurst, Kent, BR7.
Because the retirement apartment she wanted so much was getting interest and viewing requests, I suggested we apply the RULES to guarantee get a good result quickly.
We marketed her house at offers in excess of £500,000 and the response was phenomenal.
We received 127 viewing requests! We organised two viewing blocks (carefully staggered being sure to wipe the property down between viewings) with around 40 viewers in total.
We received 9 offers in total, ranging from £515,000 to £560,000. All this within the space of 10 days. Yet three similar sized and much better finished houses had been on the market for several months!
We’ve now completed on Burrow Road and my client has now moved into her final property. I’m so happy that we’ve made her happy.
If you have been sitting on the market for some time and viewings have naturally slowed down, then there’s a good chance your agent priced your property too high in the first instance, and you’re now experiencing the effects of that.
It’s hard to recover once your advert isn’t attracting viewings any longer and a new agent, a new listing and a new marketing strategy is likely to get things moving again.
Get in touch if this is your experience, as I’m happy to look over your listing/advert and make some suggestions and it’s free email@example.com / 020 8432 1505